Corruption campaign leaves Wuliangye with bottom-line hangover
By Wang Zhuoqiong | China Daily | Updated: 2014-08-29 07:15
Top distillers' struggles have deepened amid the government's campaign against corruption and extravagance, with Wuliangye Group Co Ltd reporting record low profit and sales in the first six months of 2014.
The company said on Thursday that first-half revenue slid 24.9 percent to 11.6 billion yuan ($1.87 billion), while net profit sank 31 percent to 4 billion yuan compared with the same period a year ago.
Sales and marketing expenses increased nearly 50 percent year-on-year, it said.
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